How does a Short Sale affect your credit score if you are current on your mortgage?
August 13th, 2009
I am current on my mortgage payments but my job needs me to relocate out of the state. My home value has gone down significantly since I bought it. I was working with a realtor and was informed that a short sale is my best option. How will this short sale affect my credit? I do not wish to destroy my credit when I am current on my mortgage payments. Is it going to affect my credit at all?
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A short sale will drop your credit score between 150 and 200 points.